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Cabinet revokes Baghlan gold mine exploration contract

Cabinet revokes Baghlan gold mine exploration contract

Dec 17, 2015 - 17:48

KABULinfo-icon (Pajhwok): The Cabinet has revoked the exploration and technical study license given to a company in 2008 for a gold mine in Qara Zaghan village of northern Baghlan province at the request of the Ministry of Mines and Petroleum.

The decision was made during a Cabinet meeting on Wednesday chaired by President Ashraf Ghani, a statement from the Presidential Palace said on Thursday.

Daud Shah Saba, the Mines and Petroleum Minister, had told an earlier Cabinet meeting that the exploration and technical works at the gold mine in Dushi district were not economical and requested a halt to the project.

According to the statement from the Presidential Palace, the Cabinet approved revoking the contract with the company, “Afghan Krystal Natural Resources Company” that won the contract back in 2008.

Under the contract, the company had to invest $12 million on exploration and excavation of gold in maximum two years period.

The company was supposed to invest another $38 million for processing of the excavated gold in ten years.


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